Home Equity Income Trust has completed its conversion from an income trust to a corporate structure, the trust said Tuesday.

The conversion has resulted in the reorganization of the trust’s income trust structure to a publicly listed company, HOMEQ Corp. Unitholders of the trust received, for each unit held, one common share of HOMEQ (TSX: HEQ).

The conversion was completed on a tax-free rollover basis for Canadian residents.

The common shares of HOMEQ will begin trading on the Toronto Stock Exchange on July 3. Concurrently, the trust units will be delisted.

The trust previously announced the conversion as part of its plan to continue its operating subsidiary, Canadian Home Income Plan Corp. as a federally-regulated, Schedule I Canadian bank. The new bank will be called HomEquity Bank. By obtaining a bank charter HomEquity Bank will have access to retail deposits sourced through deposit brokers, HOMEQ said.

Continuing CHIP as a bank is subject to the review and approval of an application to the Minister of Finance and is anticipated to occur in the third quarter of 2009.

IE